Short-term Borrowings

6 Months Ended

Jun. 30, 2022

Short-Term Debt [Abstract]

Short-term Borrowings

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating $140.0 million.

	(Millions)
	As of June 30, 2022							Renewal Date
	Outstanding		Available		Maximum		Credit Type
Bank of America	$	2.0	$	58.0	$	60.0	Uncommitted	January 26, 2023
PNC Bank		25.5		42.5		68.0	Committed	January 31, 2024
CoBank		-		12.0		12.0	Committed	November 30, 2023
	$	27.5	$	112.5	$	140.0

The interest rate for borrowings under the Bank of America and PNC Bank lines of credit is set using the Bloomberg Short-Term Bank Yield Index and adding a credit spread, which varies by financial institution. The interest rate for borrowings under the CoBank line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the Standard Overnight Financing Rate and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.

11

The weighted average interest rate on the outstanding borrowings at June 30, 2022 under these credit lines is 2.16%.

The weighted average daily amounts of borrowings outstanding under the Company’s lines of credit and the weighted average interest rates on those amounts were as follows:

	(In Thousands)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2022			2021			2022			2021
Average Daily Amounts Outstanding	$	20,527		$	19,665		$	17,006		$	13,843
Weighted Average Interest Rates		1.88	%		1.18	%		1.58	%		1.16	%

The maturity dates for the $27.5 million outstanding as of June 30, 2022 are in July 2022 and August 2022 and were or are expected to be extended at the discretion of the Company.